No trading for KLTM next week
KUALA LUMPUR: Kuala Lumpur (KLTM) tin market to be closed for trading next week following suspension of Malaysia Smelting Corp Bhd’s (MSC) operations during the Full Movement Control Order (FMCO) period, a dealer said.
The concessionaire said that the reopening of the tin market will be based on the resumption of operations by MSC.
The government announced on Friday that OCAF will be extended for another two weeks from June 15 to 28, as the number of new COVID-19 cases remains high.
“The trading of KLTM is dependent on the opening of MSC as a main trader. Until further announcement by MSC, KLTM will also suspend all its activities,” he told Bernama.
Malaysia initially entered a two-week total lockdown for all social and economic sectors from June 1 to 14.
On Wednesday, MSC issued a force majeure notice and temporarily suspended its tin mining and smelting operations from June 4 to 14, in accordance with the OCAF enforcement.
For the week that has just ended, the KLTM has only been traded for one day on the Tuesday following the shortened week as well as the closure of MSC.
The local tin price closed US $ 100 lower at US $ 31,550 per tonne on Tuesday from the previous week’s close of US $ 31,650 the previous week, with buying support from China, the South Korea, Japan, Taiwan and European countries.
As for the only trading day, the weekly turnover decreased to 13 tonnes from 60 tonnes previously.
The price differential between KLTM and the London Metal Exchange narrowed to a premium of US $ 915 per tonne compared to a premium of US $ 1,450 last week. -Bernama